2024-05-02 07:00:00 ET
Summary
- W.P. Carey just released Q1 results and the market did not seem particularly impressed.
- We believe the market is underappreciating WPC's considerable strengths.
- We share three reasons why WPC stock is poised to outperform significantly moving forward.
I last covered W. P. Carey ( WPC ) in November of 2023, shortly after they announced their dividend cut. In that article , titled "20% Dividend Cut Alert: W. P. Carey is Putting Lipstick on a Pig," I discussed three reasons why the announcement was a betrayal of shareholders: one, a 20% dividend cut immediately after hiking their dividend violated investor trust; two, the spin-off and asset sales were likely going to be done at such an accelerated pace that they were likely going to destroy some shareholder value; and three, the suddenness of the office segment exit was a bad look for management after previously saying on their most recent earnings call that they had no specific timeframe in mind for exiting from their office assets. That being said, I did rate the stock by concluding the article with, "I do believe WPC is undervalued right now given that it trades at an 11% discount to analysts' consensus NAV per share."...
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W. P. Carey Stock Q1 Earnings: Time To Buy Hand-Over-Fist